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Ophthalmic Drugs Market Expected to Reach US$21.6 Billion by 2018: Transparency Market Research

Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- A research report, published by Transparency Market Research (TMR), estimates the global ophthalmic drugs market to reach US$21.6 billion by 2018, expanding at a CAGR of 5.2% between 2013 and 2018.The report, titled "Ophthalmic Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2018", reveals that the worldwide ophthalmic drugs market stood at US$16 billion in 2012. It also determines the key drivers as well as major restraints of this market.According to the report, the rising prevalence of eye disorders across the world is the main driving force behind the development of this market. Apart from this, increase in the global geriatric population is also propelling the market, as with increasing age, the eyesight starts to diminish in human beings. However, the lack of awareness about various eye-related disorders and dearth of innovative ophthalmic drugs are hampering the global market. In addition to this, patents of many blockbuster drugs are on the verge of expiration, which is expected to make things worse for the market during the forecast period.

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Prescription drugs and over the counter (OTC) drugs are the two main types of ophthalmic drugs available in the global market.Based on treatment, dry eye drugs, anti-allergic/anti-inflammatory/anti-infective drugs, retinal drugs, and anti-glaucoma drugs are the key segments of the global ophthalmic drugs market. The anti-glaucoma drugs segment leads the global ophthalmic treatment drugs market and analysts expect this segment to expand at a CAGR of 4.2% over the forecast period.

Regionally, North America dominates the global ophthalmic drugs market and is expected to maintain its dominant position owing to the increasing initiatives to curb blindness and other eye-related disorders among the geriatric population.On the other hand, Asia Pacific is reporting the fastest growth in the market for ophthalmic drugs across the globe on account of the rising incidence of blindness among the geriatric population in this region. This trend is likely to continue over the period from 2013 to 2018. India, China, and several nations in Southeast Asia are the key consumers of ophthalmic drugs and rising demand from these countries is fuelling the Asia Pacific ophthalmic drugs market.The global market for ophthalmic drugs is led by Novartis, which held around 24% of the overall market in 2012. Other major players operating in this market are Allergan, Santen, Merck & Co., Bayer, Roche, Senju, Valeant, Regeneron, and Pfizer, as per the market report.

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Regionally, North America dominates the global ophthalmic drugs market and is expected to maintain its dominant position owing to the increasing initiatives to curb blindness and other eye-related disorders among the geriatric population.On the other hand, Asia Pacific is reporting the fastest growth in the market for ophthalmic drugs across the globe on account of the rising incidence of blindness among the geriatric population in this region. This trend is likely to continue over the period from 2013 to 2018. India, China, and several nations in Southeast Asia are the key consumers of ophthalmic drugs and rising demand from these countries is fuelling the Asia Pacific ophthalmic drugs market.The global market for ophthalmic drugs is led by Novartis, which held around 24% of the overall market in 2012. Other major players operating in this market are Allergan, Santen, Merck & Co., Bayer, Roche, Senju, Valeant, Regeneron, and Pfizer, as per the market report.

The report covers all the critical aspects of the global ophthalmic drugs market and makes significant assessments on overall performance of this market at present as well as historically. The main objective of this report is to help market participants understand the trends and movements of this market and empower them to make crucial strategies for significant development of their businesses.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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Source:Transparency Market Research